John Darer reviews Plaintiff Recovery Trusts as a settlement planning solution in this video. If you are involved in a lawsuit for which a settlement will involve taxable damages, the combination of a Supreme Court ruling and 2017 changes to the tax law is very adverse for Plaintiffs. By having to include the attorney portion of the recovery in gross income without a corresponding deduction, the result is substantially higher federal and state income taxes on the Plaintiff. This is because in such cases, the attorney fee portion of the settlement cannot be “written off” as an expense. In this video, John Darer reviews the Plaintiff Recovery Trust, how it works, and how a Plaintiff Recovery Trust can effectively be used.
For more information, please contact
John Darer CLU ChFC MSSC CeFT RSP CLTC
4structures.com LLC
Stamford, CT 06902
888-325-8640
203-561-6560 mobile
https://4structures.com
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Last updated July 22, 2023
